Prime Minister attends Commemoration ceremony of 90 years of Reserve Bank of India (RBI) | Current Affairs | Vision IAS
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    Prime Minister attends Commemoration ceremony of 90 years of Reserve Bank of India (RBI)

    Posted 02 Apr 2024

    2 min read

    • Brief History of RBI 
      • Royal Commission on Indian Currency, 1926 (Hilton Young Commission) recommended establishment of RBI, which was reiterated by Indian Central Banking Enquiry Committee, 1931.
      • RBI was established in 1935, under Reserve Bank of India Act, 1934 with Sir Osborne Smith as its first Governor.
      • It was nationalised in 1949.

     

    • Organisational Structure
      • Governed by a Central Board of Directors headed by Governor and four Deputy-Governors, appointed by Central Government.
      • Governor and Deputy Governor shall hold office for such term not exceeding five years as Central Government may fix when appointing them, and shall be eligible for re-appointment.

     

    • Functions of RBI
      • Monetary Authority to formulate, implement and monitor monetary policy to maintain price stability.
      • Regulator and supervisor of financial system to maintain public confidence.
      • Issuer of currency to supply currency notes and coins.
      • Regulator and Supervisor of Payment and Settlement Systems.
      • Banker to Government and Banks.

     

    • Key Achievements 
      • Gross Non-Performing Assets of public sector banks reduced to 3% (2023) from 11.25% (2018).
      • Size of RBI's balance sheet stands around Rs 63 lakh crore (2023). 
      • Foreign exchange Reserve of bank currently stands around $642 Billion.
    • Tags :
    • RBI
    • Functions of RBI
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